AMERCO, parent of U-Haul International Inc., Oxford Life Insurance Co., Repwest Insurance Company and Amerco Real Estate Co., reported the companys net earnings available to common shareholders for the second quarter ending Sept. 30.
Net earnings are $101.2 million, or $5.20 per share, compared with net earnings of $82 million, or $4.22 per share, for the same period last year. For the six-month period ending Sept. 30, net earnings available to common shareholders was $170.4 million, or $8.75 per share compared with net earnings of $145.3 million, or $7.48 per share, for the same period last year.
"We are pleased to report continued revenue and earnings growth," said Chairman Joe Shoen. "Efforts to optimize the asset mix within our business have yielded excellent results. Our goal now is to continue our effectiveness through the traditionally slower fall and winter quarters.
Other highlights include:
- Self-moving equipment rental revenue increased $44.5 million, or 9.5%, compared with the second quarter 2010. The $511.6 million of self-moving equipment rental revenue reported during the quarter was the highest reported quarterly U-Move revenue amount in the history of the organization.
- Self-storage revenue increased $3.4 million over the same time period last year. The average number of occupied units during the quarter increased 10 percent over last year. The company added more than 316,000 of net rentable square feet during the quarter, and 1,216,000 of net rentable square feet over the last four quarters.
- Operating expenses at the moving and storage segment increased $25.3 million for the second quarter of fiscal 2011 compared with the second quarter of fiscal 2010, due largely to spending on rental equipment maintenance, personnel and operating costs associated with the U-Box program.
AMERCO held an investor call to discuss the second-quarter results on Nov. 3. A simulcast of the call is available on the companys website.
Founded in 1945, U-Haul has a network of more than 16,300 locations in all 50 states and 10 Canadian provinces. The company has more than 417,000 self-storage units and approximately 37.1 million square feet of storage space at nearly 1,115 owned and managed facilities throughout North America.